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I was able to finance my business through personal savings and contribution from family.One of the best sources of capital for business is; using your personal savings, borrowing money from close relatives, sourcing for grants or applying for loans with low or no interest rate attached.
I have already been the one who saved up all the money that I needed to set up my own business because I have no manner of support from anyone at all.When starting a business, your first investor should be yourself-either with your own cash or with collateral on your asset. This proves to investor and bankers that you have a long term commitment to your project and that you are ready to take risks
What about in situations where you might not be opportuned to have friends and family members to fund the business for you, what do you think would be the next best option? Taking a loan or saving?The best source of capital is going to be dependent on the amount of money in which you need to start your business. Generally crowdfunding from your family and relations is one of the best ways to start.
Saving is very necessary to start up a business, even me I am really interested to start up my business base on the amount of money I have been able to raise,The best source of capital for me is starting with whatever money you may be having at that time first, and then managed pending when you will be able to raise more money through your savings from the profit you're realising from the little money you are making.
Personal saving is one of the best. It is better than borrowing from banks and other financial institutions who always charge high interests in any amount given outThe best source of capital for business is your own personal savings as this will give you the confidence that you need to be successful in your business but if you do not have any personal savings, you can get a bank loan to fund your business.
One way of not starting a businee is to start with a borrowed money,especially if the business is a new one,this is so because one have not properlly mastered the art of generating revenue,and this could go on to affect the business.The best way out is to get a partner that can invest into the business.When starting a business, your first investor should be yourself-either with your own cash or with collateral on your asset. This proves to investor and bankers that you have a long term commitment to your project and that you are ready to take risks
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